As many businesses are opening up again or preparing to open up, it is a great time to understand how to carefully rebuild your business and adapt to the new normal. COVID-19 has changed just about everything in our lives, and it’s important for small and large businesses to recover quickly so that they can open their doors and welcome new customers.
Recovering After COVID-19
Assess the financial damage. If you haven’t already, now is the time to review your business’s finances. Understand how far COVID-19 set your business back – if at all. You may have applied for government aid which helped you survive the worst period, though it is still worth understanding where your business is today.
Adapt practices. What may have worked before may not work in this new post-COVID-19 world. If you used to rely on foot traffic for a large percentage of your profit, you may now need to consider moving to an online store to expand your customer base and generate profit again. If you didn’t previously offer delivery, now is the time to consider it. Work out what your customer base wants during this time so that you can reach your audience successfully.
Make sure it will be safe for employees to return to work. If you want to encourage people to return to work, you are going to have to make sure it is safe to do so. Look at how you can help employees maintain social distancing in the workplace and consider what personal protective equipment they may need and what you can provide.
Plan for the next crisis. No one knew a pandemic was going to hit us so hard. The world was unprepared, but it has taught us a great lesson on how to be ready for just about anything. There could be another pandemic sometime in the future, and there could be further peaks of COVID-19 on the way. Smart business owners will take heed of what has happened this time and make contingency plans to guard against the effects of the next crisis.
This is a difficult time for all small businesses. Hoffman Brown Company continues to look out for you Contact us for the coverage your business needs during this time.